"We have signed Ileana for our film. She is perfect for the role. She is a brilliant actress. We have seen her work down south," Taurani told PTI.
"I can't talk about the role that Ileana and Shahid will be playing in the film," he said.
Talking about Phata Poster Nikla Hero, Taurani says, "This film is a full-fledged masala entertainer with elements of romance and action. It is an original story and not a remake."
The film will go on floors from November and will release next year.
Ileana's debut film in Bollywood, the Ranbir Kapoor-Priyanka Chopra starrer Barfi directed by Anurag Basu, will release on September 14.